American oil production has gone above 10 million barrels per day for the first time in 47 years. If it continues to rise as it did in 2017 (which is expected) US production will be the highest in history in 2018. The USA will also move ahead of Saudi Arabia in production and will rival the oil production of Russia, the current world leader. Because of the surge in production, the USA now has a daily net oil import level of 2.5 million barrels. That's down from a daily deficit of 12.5 million barrels a few years back.
Let's stop here and consider what this means. The drop of 10 million barrels of imports each day saves the US economy about $600 million per day at the current price for oil. Over the course of the year, that's about $220 billion. Instead of all that money going to countries like Iran, Venezuela and Libya, it is staying in the American economy. That means huge amounts going into investment and consumption. It means tens or hundreds of thousands or even millions of additional jobs for Americans. It's a tremendous boon to the American economy.
But there's something else at work here, that should not be ignored. This huge increase in oil production and all the benefits it brings was opposed by president Obama and the Democrats. In fact, they didn't just oppose it; they told us it was impossible. President Obama campaigned on this lie in 2012.
“As a country that has 2 percent of the world's oil reserves, but uses 20 percent of the world's oil — I'm going to repeat that — we've got 2 percent of the world oil reserves; we use 20 percent. What that means is, as much as we're doing to increase oil production, we're not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn’t know what they’re talking about or they aren’t telling you the truth.”
— President Obama, speech in North Carolina, March 7, 2012
Obama's claim was a blatant lie. He knew that the USA had much more than 2% of the world's reserves, but he used some sort of distorted definition to make it look like a production increase would not work. Obama also ignored the massive shale oil reserves inside the USA.
Since Obama pushed his lie about oil reserves, American oil production has just about doubled. To his credit, President Trump has done all he can to make oil production in the USA easier and less hampered by needless regulations. President Trump has stopped pushing for uneconomical "green" energy, the phony remedy that Obama pushed.
And here's the kicker. Obama supposedly opposed oil because it would lead to global warming. Even so, the USA has done more than any other major economy in the world to cut its carbon emissions. America may have pulled out of the Paris accords, but we are farther along towards meeting the goals of those accords than other countries.
Even today, however, the Democrats still don't admit that their prior position was nothing but a lie.
Let's stop here and consider what this means. The drop of 10 million barrels of imports each day saves the US economy about $600 million per day at the current price for oil. Over the course of the year, that's about $220 billion. Instead of all that money going to countries like Iran, Venezuela and Libya, it is staying in the American economy. That means huge amounts going into investment and consumption. It means tens or hundreds of thousands or even millions of additional jobs for Americans. It's a tremendous boon to the American economy.
But there's something else at work here, that should not be ignored. This huge increase in oil production and all the benefits it brings was opposed by president Obama and the Democrats. In fact, they didn't just oppose it; they told us it was impossible. President Obama campaigned on this lie in 2012.
“As a country that has 2 percent of the world's oil reserves, but uses 20 percent of the world's oil — I'm going to repeat that — we've got 2 percent of the world oil reserves; we use 20 percent. What that means is, as much as we're doing to increase oil production, we're not going to be able to just drill our way out of the problem of high gas prices. Anybody who tells you otherwise either doesn’t know what they’re talking about or they aren’t telling you the truth.”
— President Obama, speech in North Carolina, March 7, 2012
Obama's claim was a blatant lie. He knew that the USA had much more than 2% of the world's reserves, but he used some sort of distorted definition to make it look like a production increase would not work. Obama also ignored the massive shale oil reserves inside the USA.
Since Obama pushed his lie about oil reserves, American oil production has just about doubled. To his credit, President Trump has done all he can to make oil production in the USA easier and less hampered by needless regulations. President Trump has stopped pushing for uneconomical "green" energy, the phony remedy that Obama pushed.
And here's the kicker. Obama supposedly opposed oil because it would lead to global warming. Even so, the USA has done more than any other major economy in the world to cut its carbon emissions. America may have pulled out of the Paris accords, but we are farther along towards meeting the goals of those accords than other countries.
Even today, however, the Democrats still don't admit that their prior position was nothing but a lie.
No comments:
Post a Comment